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Coolpad to Quadruple Online Phone Sales in Xiaomi Challenge

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Coolpad Group Ltd. plans to use a new joint venture to quadruple online smartphone sales in China this year and help narrow the gap with leader Xiaomi Corp.

The venture with Qihoo 360 Technology Co., owner of China’s second-biggest search engine, will boost online sales of Dazen-brand smartphones to 20 million units this year and drive an increase in total sales of about a third, Chief Financial Officer Jiang Chao said in an interview. Coolpad has a target of moving up one level to second place in China Web sales in 2015, Jiang said at the company’s Shenzhen headquarters Monday.